28 April 2023, Volume 35 Issue 4 Previous Issue   

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ChatGPT+Finance: Eight Noteworthy Research Directions and Issues
Wang Shouyang, Li Mingchen, Yang Kun, Lin Wencan, Jiang Shangrong, Wei Yunjie
2023, 35 (4):  3-11. 
Abstract ( 58 )   PDF (1225KB) ( 47 )  
The emergence of ChatGPT marks the beginning of a new revolution in artificial intelligence. The innovative generative AI technology represented by ChatGPT will significantly impact the research paradigm of economics and the systemic ecology of the financial industry. This paper outlines the developmental trajectory of ChatGPT, analyzes its applications and future prospects in the financial field, and discusses the potential impact and regulatory risks. Undoubtedly, ChatGPT will bring many significant challenges to the field of finance. To promote high-quality development in China’s financial industry and related researches, this paper proposes eight noteworthy research directions and issues for the academic community.
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Dynamic Analysis of the Risk Measurement in China’s Commodity Futures Market
Zhang Tianding, Zeng Song
2023, 35 (4):  12-26. 
Abstract ( 17 )   PDF (3649KB) ( 14 )  
The coexistence of high growth and high volatility over recent years in China’s commodity futures market where even “roller coaster” market conditions emerged in parallel with the international bulk commodity market have aroused wide concern over potential risks. Therefore, identifying and measuring commodity futures market risks is worth an in-depth exploration. In this paper, an observation-driven model based on score function is used to construct a dynamic semi-parametric model to estimate the expected shortfall and value at risk to measure and predict the risk of China’s commodity futures market. The results show that the generalized autoregressive scoring models based on student-T distribution, skewed student-T distribution, and asymmetric Student-t distribution have a good application. In this paper, the single-factor generalized autoregressive score model applied to risk measurement shows that the average loss of the single-factor generalized autoregressive score model is relatively smaller than that of the two-factor model, and the risk change of commodity futures can be observed more dynamically. The average Expected Shortfall of chemical futures is rather prominent, but the fluctuation range is small. In contrast, the Expected Shortfall extreme value of energy futures is higher, and the expected loss is as low as -13.03%. Comparatively speaking, the risk degree of the commodity futures market of agricultural and sideline products is relatively low. Commodity futures have exhibited varying degrees of risk accumulation in the near term since January 2021. Energy, chemicals, grains, soft commodities and grease oils futures showed significant expected losses from March 22 to April 14, 2021, while precious metals and non-ferrous metals futures showed significant expected losses from January 12 to January 15, 2021. Under the background of global economic recovery, the effective avoidance of commodity market risks has attracted the attention of market participants, policymakers and researchers. For the risk monitoring of the commodity market, we should pay attention to the impact of exogenous events and the persistence of risk events and carry out dynamic measurement of futures market risks.
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Factor Market Distortions, Capital Bias and Total Factor Productivity of Energy Enterprises
Xiao Jianzhong, Peng Jiachao, Cheng Sheng
2023, 35 (4):  27-41. 
Abstract ( 142 )   PDF (1488KB) ( 39 )  
The existing literature unilaterally emphasizes the negative effect of distortion, without regard to the particularity of industry. Based on the Hsieh & Klenow model, this paper introduces capital bias and discusses the impact of factor market distortion on the total factor productivity (TFP) of energy enterprises. The results show that the distortion of capital market affects the TFP of energy enterprises in such a benign manner that every 1% increase of capital distortion will lead to a 1.43% increase in the TFP of energy enterprises, while labor force distortion restricts the TFP of energy enterprises, as evidenced by the fact that every 1% decrease of labor force distortion will increase the TFP of energy enterprises by 4.33%. The effect of factor market distortion on TFP is heterogeneous, which is rooted in the nature of enterprises, industry characteristics and location factors. The “counterfactual” framework points out that after eliminating the distortion of capital and labor, the TFP of energy enterprises will increase by about 51.8259% and 9.8093%, respectively.
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How does Income Aspirations Affect Farmers’ Agricultural Productive Borrowing Behaviors: Empirical Evidence Based on the Tracing Data of Two Whole Villages
You Liang, Shen Zhouyao, Zhang Heng
2023, 35 (4):  42-54. 
Abstract ( 18 )   PDF (1297KB) ( 12 )  
Based on the tracking survey data of 414 households in two villages in Fuxian County, Shaanxi Province in 2016 and 2021, this paper uses the double-hurdle model to explore the impact of household decision makers’ income aspirations on farmers’ agricultural productive borrowing behaviors. The results show that, when the income aspirations index increases by one standard deviation, the amount of agricultural production borrowing funds of farmers will increase by 23.3%. This conclusion is still valid after a series of robustness tests. Heterogeneity analysis shows that income aspirations have a more significant promoting effect on the agricultural productive borrowing behavior of young age group farmers, as well as the farmers with more household assets or at lower education level. Mechanism analysis shows that risk preference plays a positive role in moderating the mentioned impact of income aspirations. In addition, for the families investing loans mainly in agricultural production, their family decision makers, if aspiring for higher income, are more inclined to borrow from both formal and informal financial institutions, rather than only from formal financial institutions.
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The Selection of Risky Assets and Investment Performance Based on Attribute Reduction and Dynamic Time Warping Distances
Gong Jianying, Nan Mengjia, Li Haofeng, Ji Xiaodong
2023, 35 (4):  55-65. 
Abstract ( 23 )   PDF (1255KB) ( 17 )  
There are a variety of indices (attributes) to evaluate the investment value of risky assets. It is vital for investors to assess their investment values of risky assets based on less indices. Taking stock market as an exmple, this paper proposes a stock-choosing approach that is based on attribute reduction and dynamic time warping distances. First an improved algorithm based on overlap ratio of attributes is proposed to pick out less attributes to evaluate stocks’ values. Then single-index dynamic time warping algorithm is extended to multiple indices and a set of dynamic time warping distances between stocks is computed based on reduced attributes. These distances are clustered and partitioned to match individual stocks into categories, and then the categoroies with better return-risk performance are chosen to construct the asset pool. Numerical experiment validates that the cumulative returns of both random-weight and equal-weight portfolio have better return than market benchmark, and the optimal allocation of assets improves the characteristics of returns and risks. This approach reduces the difficulties for investors to evaluate the stocks’ values via reduced attributes and measures the similarities between the trends of times series related to these indices by multi-index dynamic time warping distances. The procedure to choose risky assets is based on actual data, which avoids the influences of subjective factors and obtains robust assets pool. The proposed approach is suitable for the selection of general risky assets and is helpful for diversified investment if different markets and industries are taken into consideration.
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The Nonlinear Effect of RMB Real Effective Exchange Rate on Economic Growth: Based on PSTR Model
Yang Youcai, Li Shun, Niu Xiaotong
2023, 35 (4):  66-78. 
Abstract ( 14 )   PDF (1812KB) ( 2 )  
Based on the measurement of China’s RMB real effective exchange rate from 2001 to 2019, this paper uses the PSTR model to analyze the nonlinear impact of RMB real effective exchange rate on economic growth, and studies its mechanism. The research findings are as follows. (1) The impact of the RMB real effective exchange rate on economic growth exhibits a non-linear characteristic: when the exchange rate is low, the promotion effect of exchange rate depreciation is weak, while when the exchange rate is high, the effect is strong. (2) The depreciation of the real effective exchange rate affects economic growth through three main channels: international trade, FDI and household consumption. International trade and household consumption have a positive intermediary effect, while FDI has a negative effect. Compared to low exchange rate levels, international trade has a stronger promoting effect on economic growth at high exchange rate levels, while FDI and household consumption have a weaker promoting effect. (3) From the perspective of regional differences, the promotion effect of exchange rate depreciation on economic growth in the eastern region is stronger than that in the central and western regions; from the perspective of specific impact channels, compared with the central and western regions, international trade in the eastern region has a stronger intermediary effect in the relationship between exchange rate and economic growth, while the intermediary effect of FDI and consumption is weaker.
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Factors Driving the Performance of Setting Dual Technical Standards: The Contingent Effect of External Network Position and Internal Technological Capabilities
Feng Ke, Zeng Deming
2023, 35 (4):  79-90. 
Abstract ( 16 )   PDF (1346KB) ( 5 )  
In technology-intensive industries firms are often involved in setting two types of technical standards, namely incremental and novel technical standards, which have different strategic attributes and both profoundly affect the development of industrial innovation. Using a panel data of 1,987 companies in the Chinese automotive industry from 1988 to 2010, this paper studies the impact of external collaborative R&D network locations and internal technological capabilities on a firm’s performance in setting incremental and novel technical standards. The empirical results based on zero-inflated negative binomial models show that a firm’s closeness centrality in the collaborative R&D network is conducive to increasing the number of novel technical standards set by the firm, but has no significant effect on its performance in setting incremental technical standards. Internal technological capabilities are helpful for a firm to become a setter of incremental and novel technical standards, but not conductive for it to setting more novel technical standards. When a firm sets novel technical standards, internal technological capabilities negatively moderate its closeness centrality in the collaborative R&D network. Therefore, closeness centrality in collaborative R&D network and internal technological capabilities have contingent effects on firms’ performance in setting the two types of technical standards.
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Technology Search and High-tech Firms’ Innovation Quality: Inhibiting or Promoting?——An Analysis on the Multiple Mediating Effect of Absorptive Capability
Huang Lei, Duan Yunlong, Chin Tachia, Zhou Li
2023, 35 (4):  91-104. 
Abstract ( 34 )   PDF (1272KB) ( 6 )  
Under the unprecedented changes in a century, the outside global environment is full of turbulence and uncertainty, and high-tech firms have to improve their innovation quality to achieve high-quality development. This paper uses 387 Chinese high-tech firms that got A-share listed from 2013 to 2019 as research samples to explore the mechanism of how technology search and absorptive capability influence high-tech firms’ innovation quality. The results show that the breadth and depth of technology search both have a non-linear inverted U-shaped relationship with the innovation quality of high-tech firms, and the balanced technology search significantly promotes the innovation quality of high-tech firms. Further research shows that different absorptive capabilities have heterogeneous mediating effects on the relationship between technology search and innovation quality of high-tech firms. The research conclusions enrich and deepen the study on the mechanism of how technology search and absorptive capability influence innovation quality, and provide theoretical reference for high-tech firms’ managers to develop the strategy of knowledge management and innovation management.
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Analysis on the Factors that Influence University Scholars’ Academic Entrepreneurship: An Empirical Research Based on the DEMATEL+ISM Combined Method
Zhao Xi'nan, Guo Baorong, Yang Xueru, Zhang Qingzhi
2023, 35 (4):  105-117. 
Abstract ( 12 )   PDF (1349KB) ( 10 )  
It is important to identify the key factors that influence university scholars’ academic entrepreneurship and the logical relationships among the factors. Firstly, this paper constructs a system of influencing factors from three levels: individual scholars, university organizations, and macro environment and policies. Secondly, the DEMATEL method is used to calculate the degree of influencing and being influenced, centrality and causality values of each influencing factor to reveal the importance of each influencing factor. Then a multi-level recursive logical structure model of the influencing factors is constructed with the help of the ISM model. Finally, the results of the DEMATEL+ISM analysis are combined to identify the key influencing factors. It is found that the factors that influence university scholars’ academic entrepreneurship can be divided into seven levels and there are a total of eleven key influencing factors, namely, academic level and achievement of scholars, academic influence, technical background, entrepreneurial experience, personnel advantage, industry-academia cooperative network, leadership behavior in the organization, organizational culture, social capital of the university, resource allocation support and industry situation. This study not only enriches the existing theoretical system related to academic entrepreneurship to a certain extent, but also provides a theoretical basis for university scholars to cultivate their own entrepreneurial qualities and abilities and also helps university organizations to design a scientific incentive system for scholar entrepreneurship.
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Can Employee Entrepreneurship Be Contagious? The Impact of Peer Surface Similarity on Entrepreneurial Intention: A Moderated Mediation Model Based on Family Support
Liu Lihua, Wang Bingcheng, Zhang Shiqiang
2023, 35 (4):  118-127. 
Abstract ( 19 )   PDF (1260KB) ( 5 )  
The successive occurance of employees’ quitting to start their own business indicates that there is a “contagion” effect among colleagues as those who stay are usually impressed and even motivated by the entrepreneurial move of the resignees with surface similarity. However, existing researches lack an in-depth exploration into the mechanism underlying this phenomenen. Based on the social comparison theory, this paper constructs a moderated mediation model by taking the surface similarity of entrepreneurial colleagues as the independent variable, entrepreneurial intention as the dependent variable, entrepreneurial self-efficacy as the mediating variable, and family support as the moderating variable. The empirical test results of 334 samples show that: (1) the surface similarity of entrepreneurial colleagues has a positive impact on the entrepreneurial intention of the remaining employees; (2) the entrepreneurial self-efficacy plays a mediating role between the surface similarity of entrepreneurial colleagues and the entrepreneurial intention of remaining employees; (3) family support moderates the influence of the surface similarity of entrepreneurial colleagues on the entrepreneurial self-efficacy, and the mediating effect of entrepreneurial self-efficacy on the relationship between the surface similarity and entrepreneurial intention. This study verifies the “contagion” effect of employee entrepreneurship among colleagues, reveals the path and boundary conditions of the entrepreneurial colleagues’ surface similarity acting on the entrepreneurial intention of remaining employees, and provides a reference for enterprises to strengthen the management of employee entrepreneurship.
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Does the Establishment of National Innovation Demonstration Zone Optimize Regional Innovation Structure?——Empirical Evaluation Based on Synthetic Control Methods
Cao Yuping
2023, 35 (4):  128-143. 
Abstract ( 17 )   PDF (1823KB) ( 12 )  
Science and technology parks are widely treated as an important initiative in the world to promote local high-level technological innovation and incubation of knowledge-intensive enterprises. However, science and technology parks may not turn out as expected in reality. In this paper, we firstly theoretically analyze the internal mechanism of how science and technology parks can optimize regional innovation structure, and divide science and technology parks are divided into “zombie” type, “enclave” type and “seedbeds” type on the basis of heterogeneous development state. Then, taking Wuhan East Lake National Innovation Demonstration Zone as the treated region, we empirically evaluate the effects of its establishment on multidimensional regional innovation and start-up of Hubei province via synthetic control methods. After a series of benchmark evaluation, robustness checks and placebo studies, we reach the following conclusions. From the perspective of innovation scale, the establishment of Wuhan East Lake National Innovation Demonstration Zone has no effect on low-level innovation in Hubei province, but has a significant and increasing promoting effect on medium-level innovation, high-level innovation and innovation commercialization in Hubei Province. From the perspective of innovation structure, the higher the level of innovation, the greater the promotion effect of the establishment of demonstration areas.The establishment of demonstration areas has also greatly and continuously enhanced the promotion effect on the level of regional science and technology entrepreneurship. The results show that the establishment of Wuhan East Lake National Innovation Demonstration Zone not only improves the scale of regional innovation in Hubei province, but also optimizes the regional innovation structure of Hubei Province by upgrading technological innovation levels and driving commercialization of the existing scientific and technological achievements. Lastly, we owe the initial success of Wuhan East Lake Science Park to its transcending the stage of “zombie” and “enclave” tech parks, and playing the role of regional innovation “seedbeds”.
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Unravelling Factors Influencing Trust in Sharing Accommodation via Configuration Perspective
Wang Ping, Li Xuan, Cao Gaohui
2023, 35 (4):  144-155. 
Abstract ( 17 )   PDF (1281KB) ( 5 )  
Trust is the one of the most important factors influencing the development of sharing economy. This paper aims to explore the combinations and interplay of system attributes, interpersonal attributes and personal attributes in leading to the trust in sharing accommodation. Empirical data are collective via online survey to respondents who used sharing accommodation in China in 2020 with 155 valid responses. NCA and QCA are combined in the necessary condition analysis. FsQCA is employed in the sufficient condition analysis, 5 configurations leading to the trust from guest to sharing platform are identified, and 4 configurations leading to the trust from guest to host are identified. The results reveal that IT quality, reputation and interaction are the core conditions leading to guests’ trust in platform, and guests’ trust in host. There is 1 solution leading to the absence of trust to sharing platform and 1solution leading to the absence of trust to host.
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Return Freight Insurance Strategies for Online Retailers Considering Bounded Rational Consumers
Zhang Peng, Wang Huijuan, Zhang Jinling
2023, 35 (4):  156-171. 
Abstract ( 15 )   PDF (1620KB) ( 7 )  
The strategic choice of return-freight insurance strategies for an e-tailer is studied with bounded rational consumers taken into consideration. There are three strategies for the e-tailer to choose: only offering the money-back guarantee (MBG), offering complimentary return-freight insurance (CRI), and offering return-freight insurance purchase options for consumers to decide whether to purchase. Our research finds the following results. (1) The bounded rationality of consumers will benefit the e-tailers who introduce return freight insurance product if the product is highly satisfying to consumers and will damage the e-tailers if the product is less satisfying to them. (2) If the e-tailer introduces RI policy and sets a very high RI premium, then consumers may give up purchasing RI, as result of which, return-freight insurance will not work as intended. (3) RI policy is always the optimal return-freight insurance strategy for the e-tailer as long as the return-freight insurance premiums are set below a certain threshold. Only when the freight insurance is pruced at a low premium, can the e-tailer achieve higher profitability from CRI policy than by offering only return service. (4) Due to the effect of the bounded rationality, only when return-freight insurance is priced at a low premium, can consumers obtain greater consumer surplus when the e-tailer offers return-freight insurance services than when they do not. In addition, the “contingency policy” for consumer returns is also analyzed and it is found that the “contingency policy” does not increase the e-tailer’s profit.
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Active White Space: Research on the Influence of Logo Design on Consumers’ Perception and Attitude
Wang Denghui, Teng Lefa, Zhang Hui, Li Feng
2023, 35 (4):  172-186. 
Abstract ( 14 )   PDF (3135KB) ( 12 )  
The existing researches on brand logo usually pay more attention to the tangible elements, but ignore the missing elements (e.g., active white space), which are also important for brand logo design. To fill this gap, this paper focuses on the element of active white space and studies the influence of active white space (presence vs. absence) on consumers’ perception and attitude through five studies. The results show that the presence of active white space can make consumers perceive the brand as more dynamic, and the absence of active white space can make consumers perceive the brand as more stable; consumers’ unique perception of the logo plays a mediating role in the process of the influence of active white space on brand perception. Besides, this brand perception will affect consumers’ brand attitude, but it will be moderated by brand appeal. Specifically, when the appeal of the brand is freedom, the perception of brand dynamic aroused by the presence of the brand logo active white space will have a greater impact on consumers’ brand attitude. When the appeal of the brand is safety, the perception of brand stability aroused by the absence of the brand logo active whites space will have a greater impact on consumers’ brand attitude. The purpose of this paper is to provide some inspiration for the research and development of brand management.
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“Push-Pull-Mooring” Effects of the Fusion Behavior of Customer Multi-loyalty and New Restaurant Seeking
Zhang Yi, Wu Shanshan, Liu Jinping, Zhang Rui
2023, 35 (4):  187-202. 
Abstract ( 65 )   PDF (1455KB) ( 21 )  
Although in real life, most catering customers have the fusion behavior of multi-loyalty and new restaurant seeking, most of the existing literatures regard customer multi-loyalty and variety seeking as two independent behaviors, and pay little attention to the phenomenon of the fusion behavior. Based on the PPM model of population migration, this study attempts to construct and verify the integrated model of driving factors of fusion behavior. The results show that, compared with the direct effect model of fusion behavior, PPM model has a better goodness of fit; the pull factors composed of multiple categories of stores, high attractiveness of substitutes and low switching cost have a significant positive impact on fusion behavior; the mooring factors composed of individual characteristics such as high exploration tendency, low sense of financial constraint and low health concept have a significant positive impact on fusion behavior. Among all the factors, the mooring effect is the most important, followed by the pull effect, and the push effect has no influence. This study constructs the “push-pull-mooring” effect model of catering customer fusion behavior, verifies the applicability of PPM model, and demonstrates the action mechanism and action size of various factors. It provides a unified framework and systematic explanation for the driving factors and individual differences of catering customer fusion behavior.
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Push or Pull? An Examination of the Curvilinear Effect of Leader Workaholism on Follower Creativity
Li Quan, She Zhuolin, Yang Baiyin, Yang Bin
2023, 35 (4):  203-214. 
Abstract ( 17 )   PDF (1324KB) ( 10 )  
Under the 996 work regime in China, leader workaholism has received extensive attention in both theory and practice. However, current literature typically examines the impact of leader workaholism on performance but ignores its impacts on creativity. Drawing on activation theory, we build a theoretical model to explain whether and under what conditions workaholic leaders may promote or hinder follower creativity. Using the responses of 252 surveyed employees from a research and development center in a state-owned enterprise, our empirical research reaches the following conclusions. Followers are more creative when leader workaholism remains at a moderate level rather than at a very low or very high level. Meanwhile, time pressure mediates the curvilinear impact of leader workaholism on follower creativity. And follower core self-evaluation moderates the curvilinear relationship between time pressure and follower creativity such that this curvilinear relationship is more obvious among followers with low levels of core self-evaluation.
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Resource Gain or Loss? A Dual-path Mechanism of Positive and Negative Influences of Emotional and Instrumental Help
Zhan Yuanfang, Long Lirong, Zhou Jiayao, Wang Jiaqing
2023, 35 (4):  215-224. 
Abstract ( 14 )   PDF (1266KB) ( 7 )  
As an important subject of workplace helping behavior, the psychological feelings of recipients cannot be ignored. Based on the conservation of resource theory and from the perspective of recipients, this research explores the impact of receiving emotional help and instrumental help on the recipient’s resource acquisition and depletion in an organizational context, as well as the further impact on their work engagement and deviant behavior. In this study, we use experience sampling method to collect 748 data points from 109 employees over 10 days, and apply hierarchical linear model to analyze our data. The research results show that: (1) Emotional help and instrumental help both positively affect the recipients’ positive emotions, thereby increasing the recipient’s work engagement; (2) Instrumental help triggers recipients’ self-depletion, which in turn leads to the workplace deviant behaviors. This research enriches and expands the differentiated mechanisms of different types of help on work outcomes in organizational context, and offers important practical implication on how to promote mutual help in daily work simultaneously.
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The Efficiency Measurement and Analysis of Listed Fintech Enterprises under the Talent Bonus: An Empirical Analysis Based on a Double-market Network Model
Lu Shuai, Chen Ning, Li Shouwei
2023, 35 (4):  225-237. 
Abstract ( 15 )   PDF (1961KB) ( 9 )  
The fintech industry has ushered in vigorous development of scientific and technological innovation in China. Literally, it succeeds in product market. However, in the volatile financial market, the performance of the fintech industry experiences severe fluctuation. At the same time, the rapid development of the fintech industry is mainly attributed to the talent bonus. Hence, is the performance of the fintech industry satisfying against a backdrop of highly concentrated talent bonuses? In order to evaluate the imbalanced performance of listed fintech companies in product markets and financial markets, this paper firstly establishes a double-market network model that includes the two markets. Secondly, it focuses on the impact of talent bonuses on corporate efficiency based on the characteristic of high-tech companies. This paper proposes an efficiency measurement method that takes into account the heterogeneous talent environment and employs this method to measure and analyze the efficiency of China’s fintech companies listed from 2014 to 2018. We find that the traditional double-market network efficiency of listed fintech companies is high and shows an upward trend, while the efficiency of the compound double-market network is relatively lower; The traditional double-market network efficiency of state-owned enterprises is higher than that of non-state-owned enterprises; The eastern companies’ traditional double-market network efficiency is obviously higher than that in central and western ones. In compound double-market network efficiency, eastern companies show a decline, while some companies in the Midwest show an increase instead. Simultaneously, listed financial technology enterprises present a strong dependence on talent bonuses. The robustness tests support the above conclusions. Finally, some corresponding policy suggestions are provided according to the conclusions.
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Leader Change, Subordinate Management Team Restructuring and Innovation Efficiency
Yan Huanmin, Wang Zijia, Li Yaoyao
2023, 35 (4):  238-250. 
Abstract ( 19 )   PDF (1288KB) ( 14 )  
Under the mode of Chinese enterprise governance, the change of leader is one of the important events of enterprises as it will directly affect the business strategy and organizational performance. Based on the perspective of organizational human capital structure, using the data of China’s A-share listed companies, this paper examines whether the change of leader will lead to the linkage effect of subordinate management team and its impact on innovation efficiency. The results are as follows. (1) On the whole, through the path of top-down “push forward” and the bottom-up “push back”, leader change will cause significant personnel adjustment of subordinate management team, and the management team structure will have obvious linkage “restructuring” effect. (2) Further, in the case of enterprise leader change, the more significantly subordinate management team is restructured, the stronger inhibiting effect will occur in enterprise’s innovation efficiency, as manifested in the reduction of R&D and the number of patents. After considering a series of robustness tests, such as leader definition, management personnel system, innovation output quality, eliminating alternative interpretation and alleviating endogenous problems, the conclusion still holds. (3) In further analysis, considering the departure expected of existing leader, the source type of succeeding leader and human capital structure of subordinate management, it is found that the less expected the existing leader is to leave, the less likely the succeeding leader will get promoted internally and the more dificient human capital reserve the subordinate management team has, the stronger inhibiting effect on enterprise innovation will be caused by the subordinate management team restructuring that arisies from leader change. In conclusion, based on the new perspective of the linkage effect between the “leader” change and the subordinate management team reconstruction, this paper expands the theoretical research on the economic consequences caused by the management change, and then provides scientific basis and enlightenment for perfecting the internal governance and innovative development of the management team.
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Is Humble Leadership Conducive to Business Model Innovation of Mature Enterprises?——A Moderated Mediation Model
Wang Xuedong, Hao Zhiling, Meng Jiajia
2023, 35 (4):  251-263. 
Abstract ( 17 )   PDF (1356KB) ( 12 )  
At present, the cross-research on leadership and business model innovation is flourishing. Aiming at the reality that there are few cross-studies on humble leadership and business model innovation, this study, based on the Upper Echelon Theory, introduces the creativity and decision-making ability of top management team (TMT) as the mediators, and the external support of innovation as the moderator. This paper discusses the influence of humble leadership on business model innovation as well as its intermediary mechanisms and boundary condition. The results show that humble leadership positively affects business model innovation of mature enterprises and TMT creativity, and negatively affects TMT decision-making ability. TMT creativity and TMT decision-making ability play a partial mediating role between humble leadership and business model innovation. Specifically, TMT creativity plays a positive indirect role between humble leadership and business model innovation while TMT decision-making ability plays a negative indirect role between them. The higher the level of external support for innovation, the stronger the positive effect of humble leadership on TMT creativity, the weaker the negative effect on TMT decision-making ability, and the stronger the mediating effect of TMT creativity, the weaker the mediating effect of TMT decision-making ability. The research explains the complex mechanisms and potential negative effect of humble leadership on business model innovation, and provides theoretical enlightenment for humble leaders to promote business model innovation of mature enterprises.
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Different Dimensions of Aspiration Gap and the Internationalization Pace of Emerging-market Multinationals
Yu Tianjiao, Xiao Shufeng
2023, 35 (4):  264-276. 
Abstract ( 21 )   PDF (1301KB) ( 12 )  
How emerging-market firms (EMNEs) plan their internationalization pace dynamically has become a new focus of attention in both theory and practice. Based on the behavioral theory of the firm, this paper explores the mechanism of how different dimensions of aspiration gap (intensity and duration) affect the EMNEs’ internationalization pace, and the contingent effects of market turbulence and institutional development in their home country. Using the panel data of A-share listed multinationals in China, our empirical research shows that EMNEs’ internationalization pace increases with the intensity of aspiration gap, and decreases with the duration of aspiration gap. Further analysis demonstrates that the market turbulence weakens the relationships between aspiration gaps and internationalization pace, while the institutional development strengthens the relationships. Our study contributes to the researches on both aspiration gap and the internationalization process of EMNEs.
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Sequential Game Model of Multinational Enterprise Decision-making from the Perspective of Competition and Cooperation——A Research on Three Suppression Strategies of Host Government
Li Delong, Li Youdong, Wang Ruiyong
2023, 35 (4):  277-290. 
Abstract ( 16 )   PDF (1633KB) ( 8 )  
The decision-making in key areas of multinational enterprises has become a thorny bottleneck distressing many countries. Based on the improved competition function and enterprise dependence (indirect rate of return), this paper constructs a sequential game model for multinational enterprises’ decision-making in key areas from the perspective of co-opetition. Four Nash equilibrium paths under the two scenarios of transnational enterprises as “forerunner” and “destroyer” are obtained by using the reverse induction method. We analyze the impacts of host government’s “stranglehold”, “legal war” and “list-making” strategies. Finally, the influences of decision execution on the equilibrium paths are given by numerical analysis. We find that, the game action order only changes the decision threshold of an indirect rate of the return on the four equilibrium paths; the decision threshold of indirect rate of the return has an inverse U relationship with the relative technological competitive advantage in key areas of host enterprises; when facing counterattack response, “stranglehold” strategy could effectively reduce the probability of multinational enterprises attacking highly dependent host enterprises. But when facing “non-counterattack” response, “legal war” strategy plays the most significant role; when facing “legal war” and “list-making” responses, host enterprises are more tolerant of the implementation of the “attack” strategy of highly dependent multinational enterprises.
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Learning from Failures and Firm Performance: The Role of Organizational Resilience and Environmental Dynamics
Tang Chaoyong, Shi Yongzhi, Li Yibo, Chen Wanming
2023, 35 (4):  291-302. 
Abstract ( 14 )   PDF (1333KB) ( 8 )  
As a new dynamic capability, organizational resilience can enhance enterprises’ adaptability, enhance their vitality and earn them sustainable competitive advantage. The purpose of this paper is to explore a new way to drive enterprise performance by learning from failures, and to empirically test the relationship among learning from failures, organizational resilience and enterprise performance under the condition of environmental dynamics. Specifically, single-loop learning from failures and double-loop learning from failures can effectively improve enterprise performance; bouncing back plays an intermediary role between single-loop learning from failures and enterprise performance, while bouncing forward plays an intermediary role between double-loop learning from failures and enterprise performance. Environmental dynamics not only strengthen the relationship between single-loop learning from failures and firm performance, but also strengthen the relationship between double-loop learning from failures and firm performance. This study reveals the intermediary mechanism and situational conditions of enterprise performance driven by learning from failures, and provides enlightenment for the survival and development of enterprises under the background of economic transformation.
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Quick Response and Behavioral Research in Supply Chains: Review and Outlook
Wang Hui, Yi Siyuan, Yang Haili
2023, 35 (4):  303-310. 
Abstract ( 11 )   PDF (1190KB) ( 11 )  
The purpose of quick response is to reduce the uncertainty of supply and demand matching. In recent years, this strategy has been successfully used by clothing retail giant Zara and become a research hotspot in supply chain management. At the same time, behavioral studies in the fields of finance and marketing have also achieved great success, so scholars have begun to explore the role and impact of behavior in quick response strategies. This paper summarizes the research framework, methods and content of the research, focusing on the analysis and discussion from the perspective of retailers and consumers. Finally, a research direction in this field is envisaged in the hope that future researches on quick response can gain some insights from this paper.
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Research on Extended Warranty Open Strategies in Dual-channel Supply Chain
Zhang Yongfen, Jin Yannan, Wei Hang
2023, 35 (4):  311-324. 
Abstract ( 11 )   PDF (1594KB) ( 6 )  
We study a dual-channel supply chain in which a manufacturer (he) sells the product through a retailer (she) and keeps a direct channel himself. Meanwhile, they provide extended warranty (EW) for consumers with heterougeneous quality levels. According to their strategies on whether to open the EW to the other channel, we have three senarios: no firm provides EW to the consumers purchasing products in the other channel; only the manufacturer provides EW to the consumers in the retailer; and both provide EW to all the consumers. We build a Stackelberg game model of the manufacturer and the retailer under three different open strategies of EW, and compare and analyze the pricing and profits of both sides under different strategies. Our analysis yields the following insights: if the manufacturer opens his EW, the wholesale price of products will be reduced, so this move does not always lead to a higher profit. Meanwhile, the retailer’s EW price falls. But the retail price may rise when the cost of the manufacturer providing EW is low. Thus, the retailer may also benefit from the manfuacturer’s EW open strategy. If the retailer opens her EW, the wholesale price of products will be reduced further, but the EW price is not affected. When the cost of the manufacturer providing EW is low, the manfuacturer’s EW open strategy can increase the profits of both itself and the retailer. We further conduct a numerical study to show when the manufacturer and the retailer should open their EW. Our numerical study shows that the manufacturer should do so when the cost of the manufacturer providing EW is low, or the retailer’s EW quality is low. Regardless of whether the manufacturer opens his EW, the retailer should always open her EW to all consumers.
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How to Create and Capture Value from Disruptive Innovation: An Open Business Model Perspective
Zhang Zhengang, Chen Yihua, Shang Yu
2023, 35 (4):  325-338. 
Abstract ( 17 )   PDF (1423KB) ( 10 )  
There are theoretical gaps and practical necessities in the research concerning the evolution path of profit from corporate disruptive innovation. Based on the open business model theory, a longitudinal case study that we conduct from the perspective of open business model reaches the following conclusions. First, disruptive innovation diffusion is a process compatible with the openness of the business model, in which there are consistencies between disruptive innovation and its encroachment strategy, and between encroachment strategy of disruptive innovation and value creation and capture strategy. Second, in the three stages of low-end encroachment, high-end encroachment and high-end maintenance, the open mechanism of value creation is characterized respectively by inbound orientation, coupling orientation and platform orientation, the open mechanism of value capture is characterized respectively by mutual-benefit orientation, complementary orientation and symbiotic orientation. Finally, the evolution of disruptive innovation increasingly relies on more open value creation and capture mechanisms, and this trend is conductive for late-mover companies to embed themselves deeply into wider ecosystem and upgrade the existing dominant logic.
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Definition and Construct Dimensions of Paradox Mindset
Lin Haifen, Liu Hongshuang, Liu Xiangtong
2023, 35 (4):  339-352. 
Abstract ( 20 )   PDF (1352KB) ( 9 )  
Based on an on-site research and effective selection, this paper identifies target managers with paradox mindset from Yadea, NVC e-commerce and Bosideng, then uses the method of grounded theory and case study to extract three construct dimensions of paradox mindset: inclusive cognition, complex thinking and innovative association. By constructing a conceptual model of paradox mindset, we clarify the relationship among the three dimensions as follows. Inclusive cognition triggers complex thinking through the juxtaposition of contradictions and provides a cognitive basis for innovative association. Complex thinking can strengthen inclusive cognition and promote the formation of innovative association, while innovative association can further enhance complex thinking and inclusive cognition. At the same time, these dimensions constitute the conceptual content of paradox mindset in a paradox state of coexistence of order and disorder. This research clarifies the conceptual structure of paradox mindset and offers insights into micro-foundation of organizational paradox, which can guide organizational actors to gain a deeper understanding of paradox mindset and help develop individual capability to effectively manage paradox tensions in the process of enterprise reform and development.
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